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Sprint, T-Mobile Restart Deal Talks, Once Again

Talks are preliminary; five months after prior talks collapsed over terms

The U.S. wireless industry is dominated by four major players: Verizon, AT&T, T-Mobile and Sprint. Now that just about everyone has a cellphone, each operator is looking for new ways to grow. But how did we go from the days of one giant landline monopoly to four competitive cell companies? Illustration: Shaumbe Wright/WSJ

Sprint Corp. and T-Mobile US Inc. have rekindled merger talks, people familiar with the matter said, as the wireless rivals explore a combination for the third time in four years.

The latest discussions come just five months after a previous courtship ended largely over who would control the combined business. The talks also come in the midst of an antitrust fight between the U.S. government and telecommunications giant AT&T Inc.